Prices also went down during covid so if something had a price of $1.05 in 2020, $1.00 in 2021, then $1.08 in 2022, YOY shows the price went up 8% but it’s only

Prices also went down during covid so if something had a price of $1.05 in 2020, $1.00 in 2021, then $1.08 in 2022, YOY shows the price went up 8% but it’s only gone back to normal. In the 70s it was several years in a row of 10% inflation which I doubt we’ll see. Edit: it would also be interesting to see if the basket of goods the CPI uses shifts during that time. If people were using less transportation, perhaps transportation costs should have been weighted less for 2020 even though we know the price increased due to supply constraints.